Oklahoma could become the first U.S. state to invest part of its public funds in Bitcoin, as the Strategic Bitcoin Reserve bill, HB1203, gains support.
Contents of HB1203
The bill allows Oklahoma to allocate up to 10% of its public funds into Bitcoin or other digital assets with a market cap of at least $500 billion. Currently, Bitcoin is the only cryptocurrency meeting this requirement.
Reasons for Establishing a Reserve
Amid rising concerns over inflation and the weakening dollar, Oklahoma lawmakers are seeking new ways to preserve the state’s wealth. Bitcoin, known as 'digital gold', is seen as a potential hedge against economic downturns.
Future Steps and Impact
HB1203 will now move to the Oklahoma Senate for further debate. If passed and approved by the governor, Oklahoma will officially join governments embracing Bitcoin. Other states, like Ohio, are also showing interest in establishing Bitcoin reserves.
If the bill is enacted, Oklahoma will become a leader in the adoption of digital assets at the state level, setting a precedent for other regions.
